Accelerating the Future...
- Award Categories: Economy
- Award Year: 2019
- Nominee URL: https://alice.si/#Home
The social funding model is broken mainly by wasted money (ineffective social projects), lack of trust (stagnant social funding), and lost potential (not enough visibility).
Alice is a platform that brings transparency to social funding through Ethereum blockchain technology. It incentivises social organisations to run projects transparently.
Alice used shared impact data which helps reduce due diligence together with reporting costs, and helps social organisations collaborate more effectively.
Using the technology from Blockchain does make the process transparent, but it also increases the comple1ity of social organiazations doing their business.
Charities, NGOs and social enterprises are facing a serious problem today: tough funding environment. Donations for these organizations have long been stagnant in the world, and it is still far from reaching its full potential. The most relative problem is lack of transparency and some rule-breakers just grab part of the donations as their own. An organization called Alice is trying to solve this problem by requiring that all social projects specify the goals they are trying to achieve and mandating that the achievement of these goals has to be independently verified and validated. Transparency is enforced by making funding conditional to impact. This means that after receiving initial seed financing with which to start their projects, social organizations must prove that they have achieved their goals if they want to receive additional funds.